About Us

The Short-Term European Paper (STEP) initiative aims to foster the integration of the European markets for short-term paper through the convergence of market standards and practices. Integration will enhance market depth and liquidity and increase the diversification opportunities for issuers (both financial and non-financial institutions) and investors.

Since its creation in 2006 and with strong support of the European Central Bank, STEP has established common practices and standards for the documentation of short- term paper programmes in Europe. STEP also offers a neutral and independent source of information, unaffected by any conflict of interest. Investors have free-of-charge access to up-to-date information on the issuers, as well as on the features and the activity of their short-term paper programmes. These are listed in the online STEP Market Directory, with public access to the Information Memorandum, the last approved annual reports, and direct links to credit rating agencies.

Download our STEP Content for more information

ACI Financial Markets Association (ACI FMA) and The European Money Markets Institute (EMMI) are the main promoters of the STEP initiative and have adopted the STEP Market Convention.

The Convention lays down the criteria and requirements that an issuance programme needs to fulfil in order to be STEP-compliant. A label shall be granted to STEP-compliant programmes. The STEP criteria and requirements relate to the disclosure of information, the format for disclosure documentation, settlement, and the provision of data for the production of STEP statistics. Issuers are responsible for the accuracy of the information provided. A STEP label does not relate to the creditworthiness of issuers.

ACI FMA and EMMI are confident that the adoption of the STEP standards laid down in the STEP Market Convention and the use of the STEP label will contribute to the integration and the development of the short-term paper market in the EU. They invite other market associations to support the STEP Market Convention and to recommend its use by their members. The adopting parties also invite players active in the European short-term paper market to adopt the standards of the STEP Market Convention.

Governance

The STEP initiative is jointly run by The European Money Markets Institute and The Financial Markets Association (ACI).

The two entities have set up a strong governance: the STEP Market Committee and the STEP Secretariat.

The STEP Market Committee shall monitor market developments and shall establish and review the standards on which the STEP label is based. The STEP Market Committee shall provide guidance on the appropriate and consistent interpretation of the STEP Market Convention’s provisions and shall provide support to the STEP Secretariat. The Committee may also amend the provisions of the STEP Market Convention.

All the voting members of the STEP Market Committee shall be independent and shall not seek or take instructions from public bodies, companies or from any other body. They shall declare their adherence to the principles set out in the Terms of Reference of the STEP Market Committee. The roles and responsibilities of the STEP Market Committee are governed by Terms of Reference of the STEP Market Committee.

EMMI

Jean-Louis SCHIRMANN

EMMI (Chairman)

Marnix BRUNING

ING Bank NV

Rodrigo CALVIN GARCIA

Banco Santander

Dennis GEPP

Federated Hermes LPP

Giorgio CAVARERO

Mediobanca SPA

Harald ENDRES

DKB

ACI FMA

Philippe BILLOT

Pictet Gestion

Jean-Luc SINNIGER

Independant Consultant

Franck HEBEISEN

ACI-FMA

Patrick SIMÉON

Amundi Investment

Gianfranco MARIN

Intesa Sanpaolo

Marcello GRAZIUSO

European Investment Bank

STEP Accredited Securities Settlement System (SSS)

The list of STEP-compliant Securities Settlement Systems (SSSs) can change from time to time as new SSS join the STEP Initiative (see template STEP-Compliant SSSs Questionnaire” for candidate SSS)

Upon recommendation of the STEP Secretariat, and assessment by the ECB, the STEP Market Committee selects the STEP-compliant SSSs, and the STEP Secretariat makes available and regularly updates the list on this website.

The current STEP Eligible SSS are :

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